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GBPJPY: Weak finishing

2023-03-07
864
Fundamental analysis:

GBP/JPY remained volatile around 163.426, with the Bank of England's key interest rate set to peak at 4.75% in August, up from 4.0% now and above expectations for a peak of around 4.0% a month ago.

British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term high position is weak, the market as a whole is in a weak position, and there are signs of continuing to hover and move down in the short term. The MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;

Resistance levels: 163.896 164.286

Support levels: 163.084 162.725

Trading strategy: bearish below 163.500, target 163.084 162.725
Alternative strategy: Bullish above 163.500, target 163.896 164.286

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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